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Asked 3/22/2011
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401K Prevailing wage My employer made all employee enroll into this 401k saying it was manditory by law, now the employer lost the contract and is not contributing anything at all. this is a government contract, and the Contractors plan say we can not withdrawl the money until after we no longer work for the company or when we are 591/2 |
Answer 1/1 - Submitted 4/3/2011
Sounds like your employer is a jerk. Hence he fumbled the contract.
Since Nov. 10, 1981 the IRS laid down the rules governing the 401k plans.
My guess is since he lied about the 401k being forced upon all the employees that he also screwed up the tax benefits and mishandled the funds.
The contractor can indeed make you wait until you are 59 1/2 before you can withdraw any money.
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